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Posted To: MBS CommentaryLet's change up the old fairy tale. Bond markets have been cried wolf on a few recent occasions. In my version of the fairy tale, "crying wolf" is equivalent to saying "hey guys, there are no wolves around, so it's safe to come out and play." Anyone who listened to that wolf cry (Nov 16, 22, or 29) was promptly eaten by the wolves (i.e. rates snapped brutally higher just when it looked like they might be calming down). With the blood still on the ground from the last feasting of the wolves (yesterday's big sell-off), we're once again hearing bond markets cry wolf. This time, we have a rejection of a fairly epic long-term ceiling at 2.50% in 10yr yields as well as a rally below the next relevant ceiling of 2.42% today--all against the backdrop of a jobs report...(read more)
Posted To: Mortgage Rate WatchMortgage rates erased yesterday's losses after today's jobs report, though not necessarily because of it. The Employment Situation (affectionately referred to as "the jobs") is traditionally one of the biggest sources of market movement. So when rates make a big move following the jobs report, it's only natural to assume a cause and effect relationship. That said, most of the credit for today's move goes other places. First of all, there's the simple fact that rates have been trending so decisively higher in general. Just yesterday, I noted that we were increasingly likely to see a rebound as rates continued to push the boundaries of past precedent. In other words, rates have risen about as quickly as they ever have, and it's common for any financial instrument to blow off some steam in such...(read more)
Posted To: MND NewsWireThe Federal Housing Administration (FHA) has now joined the Federal Housing Finance Agency in raising the dollar limits for loans that qualify for FHA guarantees. Last week FHFA raised limits for Fannie Mae and Freddie Mac loans to 424.100, a number which forms a basis for some of the FHA changes . The new limits, which will be effective for loans with case numbers assigned on or after January 1 , will constitute a slight increase in 2,948 U.S. counties; limits will remain at 2016 levels in 286 counties . In so-called high cost areas, the national " ceiling " will increase to $636,150 from $625,000. The " floor " will increase to $275,665 from $271,050. The loan limit ceiling is 150 percent of the national conforming limit ($424,100) while the floor is set at 65 percent. The floor applies to...(read more)